Bitcoin and Ethereum Options Expiry of $16.6 Billion in Q3

As the third-quarter expiration date approaches, Coinbase Market has reported that a total of $16.6 billion (approximately 22 trillion KRW) in large positions is pending in the Bitcoin (BTC) and Ethereum (ETH) options markets. BTC options amount to approximately $1.473 billion (186,000 contracts), with a call/put ratio of 0.52. The max pain price was calculated at $72,000, while call option positions are concentrated between $70,000 and $85,000–$100,000 for upward movement. ETH options total $1.92 billion (756,000 contracts), with a call/put ratio of 0.57 and a max pain price of $2,200, where the most concentrated call options are at the $3,000 level (43,000 contracts). Coinbase Market analyzed that both assets show significantly higher call option exposure compared to put options, suggesting market participants have positioned for further upside rather than downside protection after the third-quarter expiration.